Bullish Global Revives IPO Plans for 2025 Following Surge in Crypto Markets

Bullish Global, the crypto exchange backed by Peter Thiel’s Block.one, is considering an initial public offering (IPO) as early as 2025, according to a report by Bloomberg citing sources close to the matter.

The exchange, which owns CoinDesk, has re-engaged with Jefferies Financial Group to explore a potential public listing after previously shelving such plans in 2022.

This move comes amid a strong rebound in cryptocurrency prices, particularly after Donald Trump’s win in the U.S. presidential election. Since November, the overall crypto market has grown from $2.2 trillion to $3.15 trillion. On Tuesday, U.S. crypto czar David Sacks remarked that digital assets are entering a “golden age.”

Bullish, which operates with over 275 employees globally, is led by CEO Tom Farley and is a subsidiary of Block.one, the blockchain software company co-founded by Brendan Blumer, who also serves as chairman of Bullish. Block.one has high-profile investors like Peter Thiel and Richard Li. The exchange currently holds around $10 billion in digital assets and cash.

Bullish had initially planned a public debut via a special purpose acquisition company (SPAC) in 2021, but those plans were abandoned in 2022. Now, discussions are underway to bring on additional banking partners as part of the IPO process.

Representatives from Bullish, Block.one, and Jefferies declined to comment on the matter, and CoinDesk’s request for comment was also unanswered.